Development offers step on property ladder

PEOPLE are being offered the chance to buy a home in a new development in Bristol for as little as £52,0000.

As a result of the credit crunch and the refusal to lend money without large deposits, it has become tougher and tougher for young people to buy a home in the city.

Potential home-buyers now need to be earning an estimated £45,000 a year to be able to afford a mortgage for the average Bristol house.

The £210,133 price tag is more than ten times the average salary for workers in the city, which currently stands at just under £22,000.

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But one development in Easton is hoping to redress the balance and help more people take the first step onto the property ladder.

The new scheme close to Junction 3 of the M32 is near to completion and many of the homes are being offered on a shared ownership basis.

Nectar Homes, the development arm of the Knightstone Housing Association, is behind the new development.

The firm will be offering 26 apartments and two houses on a shared ownership basis at the development known as J3. In total there are 59 properties on the site.

The site is made up of a variety of properties along with a library, creche and a number of small business units.

The scheme is one of the most distinctive in the city and has been designed and built to the highest energy saving standards.

The shared ownership scheme put together by Nectar Homes offers people the chance to get on the housing ladder with a deposit of around £5,0000. The scheme is a part-buy and part-rent deal which means that a 50 per cent share in an apartment will cost between £52,500 and £66,000.

The half share is paid for through a mortgage, so buyers will still need to have a deposit but at much lower levels.

Buyers will also pay an affordable monthly rent on the share of the property they do not own.

A similar scheme has been launched at the high profile Lakeshore development in Hartcliffe.

A spokesman for Nectar said: "In a city where the average price for a flat is more than £180,000, the shared ownership scheme could offer a real alternative to renting for people who want the security of owning their own home."

Richard Efford, assistant director at Nectar Homes, added: "We are really excited about this development.

"We all know the problems that first time buyers face when trying to take that first step on the property ladder, and J3 can help overcome those problems.

"We are building these homes to a very high standard and are including energy saving features, which help keep costs to home owners down."